Sumitomo Mitsui Trust Group Inc. Has $8.24 Million Stock Holdings in Macerich Company (The) $MAC

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Macerich Company (The) (NYSE:MAC) by 14.6% in the 1st quarter, HoldingsChannel reports. The firm owned 435,898 shares of the real estate investment trust’s stock after acquiring an additional 55,453 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Macerich were worth $8,238,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its stake in Macerich by 2.4% in the second quarter. State Street Corp now owns 15,162,075 shares of the real estate investment trust’s stock valued at $245,322,000 after buying an additional 351,907 shares during the period. JPMorgan Chase & Co. grew its position in shares of Macerich by 17.7% during the 4th quarter. JPMorgan Chase & Co. now owns 13,555,892 shares of the real estate investment trust’s stock worth $250,242,000 after buying an additional 2,034,338 shares during the period. Geode Capital Management LLC increased its stake in shares of Macerich by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 6,608,318 shares of the real estate investment trust’s stock valued at $122,008,000 after acquiring an additional 70,132 shares in the last quarter. Centersquare Investment Management LLC increased its stake in shares of Macerich by 149.6% in the 4th quarter. Centersquare Investment Management LLC now owns 6,354,661 shares of the real estate investment trust’s stock valued at $117,307,000 after acquiring an additional 3,808,336 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Macerich by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,039,561 shares of the real estate investment trust’s stock valued at $93,030,000 after acquiring an additional 123,769 shares during the period. 87.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MAC has been the topic of several research analyst reports. Truist Financial increased their target price on shares of Macerich from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Morgan Stanley upped their price objective on shares of Macerich from $20.00 to $25.00 and gave the company an “equal weight” rating in a report on Thursday, June 18th. Evercore set a $24.00 price objective on shares of Macerich in a report on Tuesday, July 7th. LADENBURG THALM/SH SH increased their price objective on shares of Macerich from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Finally, KeyCorp boosted their target price on Macerich from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.14.

Macerich Stock Performance

NYSE MAC opened at $24.93 on Wednesday. The company has a fifty day simple moving average of $23.62 and a 200 day simple moving average of $20.93. Macerich Company has a 12-month low of $15.89 and a 12-month high of $25.97. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.96. The company has a market cap of $7.07 billion, a P/E ratio of -35.12, a PEG ratio of 1.66 and a beta of 2.06.

Macerich (NYSE:MAC) last announced its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Macerich had a negative net margin of 18.22% and a negative return on equity of 6.95%. The business had revenue of $241.54 million during the quarter, compared to analyst estimates of $233.06 million. During the same quarter in the previous year, the business posted $0.33 EPS. Macerich’s quarterly revenue was down 3.1% on a year-over-year basis. Sell-side analysts predict that Macerich Company will post 1.48 earnings per share for the current fiscal year.

Macerich Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.68 annualized dividend and a dividend yield of 2.7%. Macerich’s payout ratio is presently -95.77%.

Macerich Company Profile

The Macerich Company (NYSE: MAC) is a real estate investment trust (REIT) that specializes in the acquisition, development, ownership and management of regional shopping centers in the United States. Headquartered in Santa Monica, California, the company focuses on high-quality retail properties, including enclosed malls, open-air centers and mixed-use lifestyle destinations. Since its establishment as a REIT in 1994, Macerich has pursued a disciplined strategy of investing in properties that serve strong consumer demographics and offer long-term growth potential.

Macerich’s core activities encompass property and asset management, leasing, marketing and redevelopment services.